17.11.2021
UNEMPLOYMENT IN THE THREE NORTHWESTERN DISTRICTS OF MONTANA, VIDIN AND VRATSA HAS FALLEN
Unemployment in the three northwestern districts of Montana, Vidin and Vratsa at the end of October was 9.9 percent and compared to October 2020 there was a decrease of 2.4 percent, said the Regional Employment Service in Montana.
The number of unemployed decreased compared to September 2021 - by 0.2 percent. At the end of October, the number of unemployed registered in the labor offices in the three districts was 17,101 and was 377 less than at the end of September. Compared to a year earlier, the number of unemployed is 4168 less.
1125 people started a new job in October in the districts of Montana, Vidin and Vratsa, and 84 percent of them used the assistance of the labor offices in the northwestern region. In October, 405 people from risk groups were employed under subsidized employment programs.
Despite the decline, unemployment in the three northwestern districts is higher than the national average, the Montana Regional Employment Service said. The highest unemployment was registered in the municipalities of Ruzhintsi - 48.7 percent, Yakimovo - 39.8 percent, Hayredin - 36.4, Borovan - 35.6. The lowest unemployment rates are in the municipalities of Vratsa - 3.6 percent, Montana - 3.9 percent, Mezdra - 4.2 percent, Berkovitsa - 6.4 percent, Lom - 7.6 percent, etc.
17.11.2021
VIDIN REGION: 63% OF THE COMPANIES DO NOT HIRE NEW PEOPLE
In Vidin district, more than 63 percent of employers said they would not hire new staff for the next six months. This was announced by Ivan Ivanov, director of the "Labor Office" Vidin. The data are from a survey conducted by labor offices among employers in the region with the highest percentage of employed average monthly staff for the last year. Only 7.9 percent of employers said they would be laid off in the next six months.
Doctor, nurse and health care specialist are the most sought after professions now and for the next 12 months by employers in Vidin, requiring higher education. In Vidin region they are missing and there is a shortage of labor for these specialties. After them are the specialties - Specialist - projects, Psychologist, Engineer - electrical and construction, teacher and others. The most sought-after professions are secondary education - "Machine Operator", "Construction Assistant", "Assistant Dentist", "Economist". The wanted workers without qualification from employers in Vidin region are for waste collection, in agriculture and forestry, assistants in food preparation.
More than 76 percent of employers in the Vidin region said they had difficulty finding labor. Nearly 50 percent of them say that the next covid crisis or restrictive measures will not affect the stated needs for new staff. For the next three years, the most sought-after specialists with higher education are expected to be in administration and management, economics, mechanical engineering, and among those with secondary education - in wholesale and retail trade, gardening, construction.
Unemployment was recorded at a record low in BT Vidin for the month of October, where a level of 6.35 percent was reported. For the same period last year, unemployment was 9.45 percent. According to Ivanov, the reason for the low unemployment is the anti-crisis measures of the state.
17.11.2021
LABOR FORCE IN THE THIRD QUARTER (Q3)
From the beginning of 2021, the monitoring of the labor force in all EU Member States, incl. and in Bulgaria, is carried out in accordance with the requirements of Regulation (EU) 2019/1700 of the European Parliament and of the Council establishing a common framework for European statistics on individuals and households, based on individual data collected through samples and related implementing European Commission regulations in the field of labor statistics. These regulations require changes in the monitoring methodology, primarily related to the definitions of employment and unemployment, which is why the results of the labor force survey for 2021 are not fully comparable with those for previous periods.
Main indicators for the economic activity of the population in the third quarter of 2021:
Employment
In the third quarter of 2021 the total number of employed persons was 3 134.4 thousand, of which 1 677.3 thousand men and 1 457.1 thousand women. The employment rate is 53.4%, respectively 59.7% for men and 47.6% for women.
In the third quarter of 2021 1,967.0 thousand or 62.8% of the employed persons worked in the services sector, 952.6 thousand (30.4%) in industry and 214.8 thousand in agricultural, forestry and fisheries (6.9%). ).
Of all employees 3.8% (118.0 thousand) are employers, 7.1% (221.4 thousand) - self-employed (excluding employees), 88.5% (2 775.4 thousand) - employees, and 0.6% (19.6 thousand) - unpaid family workers. Of the total number of employees 2 104.5 thousand (75.8%) work in the private sector and 671.0 thousand (24.2%) - in the public sector.
In the third quarter of 2021, employment in different age groups is as follows:
The employed persons aged 15 - 64 years are 3 042.0 thousand. The employment rate for the population in the same age group was 69.5% (73.1% for men and 65.8% for women).
The employment rate for the population aged 15-29 is 36.7% (41.5% for men and 31.6% for women).
The employment rate for the population aged 20-64 is 74.5%, respectively 78.5% for men and 70.5% for women.
The employed persons aged 55 - 64 years were 610.1 thousand, or 66.2% of the population in the same age group (71.1% of men and 61.6% of women).
Unemployment
In the third quarter of 2021, 150.6 thousand people were unemployed, of which 85.4 thousand (56.7%) were men and 65.1 thousand (43.3%) were women. The unemployment rate is 4.6%, 4.8% for men and 4.3% for women.
Of all unemployed persons, 15.0% have higher education, 51.9% - with secondary education, and 33.1% - with primary or lower education. Unemployment rates by level of education are 2.1% for higher education, 4.3% for secondary education and 12.8% for primary and lower education, respectively.
In the third quarter of 2021 the number of unemployed persons with a duration of unemployment of less than one year was 73.0 thousand (48.5% of all unemployed), and that of the long-term unemployed (unemployed of one or more years) - 77.6 thousand (51.5%) ). The long-term unemployment rate is 2.4%, 2.6% for men and 2.1% for women, respectively.
Of the total number of unemployed persons 120.9 thousand, or 80.3%, had a previous job, which they left due to dismissal, redundancy or forced termination of business, termination of seasonal or other temporary work and other reasons, and 29.7 thousand, or 19.7 %, looking for a first job.
In the third quarter of 2021 the unemployment rate for the age group 15 - 29 years was 10.3%, respectively 10.7% for men and 9.8% for women.
Economic inactivity
In the third quarter of 2021 the total number of economically inactive persons (persons outside the labor force) was 2,588.1 thousand, of which 1,047.3 thousand (40.5%) were men and 1,540.8 thousand (59.5%) were women. The economically inactive persons aged 15 - 64 are 1,187.6 thousand, or 27.1% of the population in the same age group.
Slight GDP growth for the third quarter Q3
In the third quarter of 2021 the gross domestic product (GDP) increased by 0.4% compared to the corresponding quarter of the previous year and by 0.9% compared to the second quarter of 2021 according to seasonally adjusted data.
According to the express estimates of the NSI for the third quarter of 2021, the GDP in nominal terms reaches BGN 35,577.2 million. The realized value added in the third quarter of 2021 is BGN 30,652.5 million.
By elements of final use, the largest share in GDP is occupied by final consumption with 74.9%, which in value terms amounts to BGN 26,633.2 million. In the third quarter of 2021, gross capital formation was BGN 7,235.8 million and accounted for 20.3% of GDP. The foreign trade balance is positive.
Quarterly changes
In the third quarter of 2021, compared to the previous quarter, GDP according to seasonally adjusted data increased by 0.9%. For the same period the gross value added increased by 1.7%.
According to the express estimates of GDP by elements of final use in the third quarter of 2021, the reason for the registered economic growth according to seasonally adjusted data compared to the previous quarter is the increase in final consumption by 1.8%.
Annual changes
In the third quarter of 2021, GDP according to seasonally adjusted data increased by 0.4% compared to the same quarter of the previous year. Gross value added increased by 0.3%.
Final consumption registered an increase of 5.1%, while gross fixed capital formation decreased by 3.0% in the third quarter of 2021 compared to the corresponding quarter of the previous year according to seasonally adjusted data. Exports of goods and services increased by 12.5% and imports of goods and services increased by 11.1%.
16.11.2021
HOW TO REGISTER YOUR ONLINE STORE
Nearly 23,000 online stores have been declared to the NRA since the establishment of the register in 2019 until now. According to the requirements, all e-traders should submit information to the revenue agency about the sites through which they make sales, reminded by the NRA.
The announcement of the e-shops is entirely online through the Portal for electronic services of the Agency, accessible with a qualified electronic signature (QES).
In order to register, merchants must indicate the domain and name of the online store, contact details of the salesperson, contact details of the domain owner, information on where the online store is hosted, nomenclature of goods sold, etc., listed exhaustively in Annex №33 of Ordinance H-18.
The register also allows users to check whether the online store and the merchant from whom they buy goods or services are entered in it: https://portal.nra.bg/home.html#/goto:dec2009.REGREPESHOP.home.
It is also important for secure online shopping that consumers require a sales document from merchants. It is different and depends on the methods of payment for the goods and/or services. If the delivery is cash on delivery, the trader is obliged to issue a receipt. When paying by postal money order, customers must expect a receipt for the transfer from the postal operator, and the merchant must provide the customer with a paper or electronic document, which must contain the name and address for correspondence, identification number, name of the goods and the total amount. When paying for a purchase made on the Internet by bank transfer, it is very important to indicate the real reason for it.
Online retailers have the opportunity to register their sales by issuing a fiscal/system voucher in electronic form, which is sent by e-mail to the buyer, without the need to issue a paper document.
Another alternative option for documenting online sales is for bank card payments, and for these payments online merchants can provide their customers with a document replacing the fiscal/system voucher. It must contain some mandatory details such as name, date and unique number, details of the online merchant and others.
In order to take advantage of this order for reporting and registration of sales, e-merchants should accept absentee payments by credit and debit card, as their sales management software meets the requirements of Ordinance H-18. The NRA is conducting an information campaign aimed at both online retailers and consumers.
The aim of the initiative is to clarify in which cases the sale of goods on the Internet is subject to taxation, to encourage voluntary declaration of income and shopping by reliable retailers. Through the pages of the revenue agency on Facebook - "Get in time with the taxes" and "Get your receipt" will be explained the rights and obligations of online traders and their customers, as well as their ability to report if they come across an incorrect trader.
"More and more online retailers are choosing to come to light. This is due to the combination of encouraging voluntary compliance with tax rules and uncompromising control measures by the NRA against offenders," said Deputy Executive Director of the NRA Georgi Dimov.
16.11.2021
FINANCE ACADEMY BRINGS TOGETHER SOME OF THE BIGGEST NAMES IN THE WORLD OF INVESTMENT AND FINANCE
The entire investment and personal finance education program is open for enrollment until November 18th. Anyone who wants to enter the world of investment and learn methods for building long-term wealth can sign up at a symbolic price on the Finance Academy website. In less than a year, more than 3,500 people have received training provided by the organization. In connection with the successful start of the program, we present a comment from the founder of the initiative - Georgi Zahariev:
"I am happy that we launched the educational program and it enjoys such high interest - all this was an initiative that I took to heart with my supporters in the face of a team of experienced lecturers - practitioners, mentors, lecturers and professionals without analogue in Bulgaria. We all felt that in Bulgaria there is a need for quality financial education.
Unfortunately, many people do not have a stable income and have a relatively low level of financial culture - this is especially evident in the precarious situation caused by COVID-19. In addition, public education is not enough, it does not even teach us how to manage our money properly and raise our standard of living. It is only natural why many people still think that hiding money under the mattress is a good way to save. Therefore, we decided to prepare a systematic program of courses in understandable language and at an affordable price, which do not waste people's time and combine theory with practice. We have collected many examples and proven successful income enhancement strategies suitable for complete beginners.
Finance Academy was born from the need for knowledge on finance and investment in Bulgaria.
We are honored to have brought together a team of the biggest names in their fields globally. For the first time in Bulgaria, Mr. Plamen Monovski joins - the youngest CEO in the history of BlackRock. Most Bulgarians probably haven't heard the name, but he was the head of a company managing assets worth more than $ 9.5 trillion. He is a wonderful professional and a person who wants to share knowledge gained abroad about how Bulgarians can create long-term wealth. Personally, I do not think that there is another Bulgarian who has reached so high in the world of investment.
Next to him stands Prof. Daniela Bobeva - a consultant to the World Bank and former Deputy Prime Minister of the Republic of Bulgaria. Boris Pavlov, the founder of the largest innovative investment real estate management company, takes up the topic “Real Estate Investments”.
Valentin Mihov will talk about his experience in the world of cryptocurrencies first hand as an expert with experience in blockchain projects and a partner in investment funds and more. Of course, along with all of them is Georgi Vuldzhev - one of the most recognizable names on the Bulgarian economic scene, leading in terms of shares and their valuation.
The organization "Finance Academy" enjoys great interest from business in Bulgaria. Companies from different sectors want to support financial education and stand behind us in achieving this mission. I can share names like Postbank, Motion Software, Softuni and many more. We were also trusted by the students, and in less than a year more than 3,500 students have been trained with us. In addition, we will soon announce one of our key initiatives that will change Bulgaria and the lives of Bulgarians in the long run."
The Investment and Personal Finance program starts on November 22 (Monday) with the Personal Finance course from 19:00 online - on the platform of Finance Academy. Registration is open until November 18.
16.11.2021
INNOVATION CAN BEAT INFLATION
Technological progress may be the most powerful disinflationary force in a changing world. It seems that almost every economic conversation these days revolves around inflation. Each question seems to lead to another. Is it transient? Will it get worse? If so, when? And for how long? Which of the many factors - including growing demand for covid, supply chain shortages, fiscal and monetary incentives, energy policy, or any changes in the way we live, work and have fun since the pandemic - should be most important, as we try to get an idea of what's going on, Rana Foruhar asks in the pages of the Financial Times.
Throughout the debate, one issue receives very little discussion: the role of technology as perhaps the most important variable in what may happen to inflation over the next few years.
In every inflationary factor - labor shortages, transport bottlenecks, fuel costs or even long-term pressures such as an aging population - there is an impending technological change that could change pricing calculations in ways that are difficult to predict.
Take the transition to clean energy. Demand for electric vehicles is already raising the price of raw materials such as copper, lithium, nickel and cobalt. Green vehicles and power plants are much more metal-intensive than the technologies they replace. As more companies and countries move to a carbon tax and seek to curb fossil fuel production, energy prices may rise further in the short term.
But the broader timeline, of course, is what matters. While the rapid transition to a cleaner world will create some inflationary pressures, it will drastically reduce the cost of climate disasters in the long run.
Moreover, technological innovation itself ultimately reduces costs. Morgan Stanley data show that, leaving short-term jumps aside, commodity prices have been on a downward trend for 200 years. This is because every time an energy source becomes too expensive, a new one is invented to take its place.
Maybe we are heading for a cold and expensive winter. But given the sharply declining costs of renewable technologies such as solar panels and wind farms (and the increase in public and private investment in them), there is good reason to hope that over time the final destination can be a much better and a cheaper world - one that will eliminate the analogies with stagflation from the 1970s.
What about the inflationary aspects of the supply chain delay? Some logistics experts believe that the problems in the ports will continue for years. But we are already seeing the biggest and richest companies (Amazon, Walmart and Costco, for example) adapt to this through their own innovations.
These innovations will include more vertical integration (eg owning rather than renting some of their delivery containers to have more control), but also the use of artificial intelligence systems to better track deliveries. Autonomous vehicles, both trucks and ships, are enjoying renewed interest. The first autonomous container ship will be tested in Norway by the end of the year. If such systems slow traffic, some supply chain delays and price pressures will begin to fade.
As the Internet of Things becomes ubiquitous, more and more companies will use new technologies to improve efficiency. As Cathy Wood, CEO of Ark Investment Management, noted in a recent interview, such innovations, which include autonomous mobility, blockchain, gene modification, adaptive robots and neural networks, are more likely to herald a period of long-term deflation rather than inflation, given the depth and breadth of their impact in all areas of business.
Of course, this will change the labor market in a way we still cannot imagine. Technology, for example, could play an important role in easing inflationary pressures from aging baby boomers, which will require more care just as the workforce shrinks, by increasing the productivity of existing health workers and the system.
China, which has poured $ 1.5 billion into the use of large amounts of data in healthcare over the past decade (and many more billions in artificial intelligence), is likely to be the epicenter of diagnostics and healthcare innovation driven by artificial intelligence.
Policies to use voluminous data in sensitive areas such as health and finance will, of course, vary from country to country, as regulators struggle with the social consequences of such cutting-edge technologies. These differences in national policies could in themselves be inflationary if they contribute to cross-border frictions in global business and when it comes to the movement of people, goods and capital.
In a multipolar world, there will inevitably be more delays, shortages and inconsistencies between supply and demand in the short term.
Yet the fact that the global economy has become a bit more fragmented in the last few years is also an opportunity for technology-driven innovation that could eventually bring prices down. Think of vertical farms that grow produce minutes from where people consume it, telehealth platforms and virtual education that eliminate travel costs, and 3D production that addresses complex and remote supply chains.
These are just a handful of the many new technologies that are currently thriving. The change that such an innovation can bring is perhaps the only major disinflationary trend at the moment. But it may be the most powerful.
15.11.2021
HOW TO GET TAX REDUCTIONS FOR A CHILD
Higher tax reliefs for children and children with disabilities will be applied once, only for the income acquired in 2021. The new amounts are adopted by the Law on the State Budget of the Republic of Bulgaria for 2021. The amount of the one-time relief for children depends on their number, as for one minor child is 4500, for two - 9000, and for three and more - 13 500.
The amount of the tax relief for children with disabilities is BGN 9,000, the National Revenue Agency clarifies. As the income tax is 10%, in practice parents with one child receive back BGN 450, for two children - BGN 900 and BGN 1,350 - for three or more children.
It is important for parents to check their tax insurance account before submitting the necessary documents for using the tax relief. If they have unpaid debts, they should repay them in order to take advantage of the tax rebate.
In order to benefit from the tax relief for children and children with disabilities through the employer under the main employment contract, the employee must submit several documents between 30 November and 31 December 2021. These are a declaration for the use of the tax relief for children and/or a declaration for the use of the tax relief for children with disabilities and a copy of a valid decision of the TEMC/NEMC of the child.
A declaration is also required that at the time of submitting the documents to the employer, the parent has no public obligations subject to enforcement. For convenience, instead of an additional declaration, the parent should note in the declaration for the use of tax relief for children that there are no enforceable public obligations.
By January 31, 2022, the employer in the main employment relationship must calculate the amount of annual income tax due with the benefit used. As the relief is great, not only will the tax due for December be reduced, but most parents will have to receive money from the treasury. In these cases, until January 31, 2022, the employer will have to pay the parent the overpaid tax, and then the amount will be refunded by offsetting from subsequent contributions to the state budget for income taxes.
If the employer has not paid the overpaid tax to his employees, the parents can use the tax relief by filing an annual tax return, even if they only have income from salaries.
In principle, each of the benefits for children or children with disabilities is used only by one parent (foster parent, close or relative).
When the amount of the relief exceeds the amount of the annual income (after deducting the insurances and the legally recognized expenses) of one parent, the difference should be used by the other parent (the other foster parent, close or relative). This is done by filing an annual income tax return from 2021. In these cases, the total amount of tax relief used by both parents, respectively foster parents, relatives or friends, may not exceed the allowable amount, according to the number of children.
15.11.2021
CEOS ARE GETTING WEIRDER. THE PROFESSION REQUIRES IT.
Popular bosses of companies from the recent past wore nicknames that betrayed aggression and brutality.
Al Cutter and Neutron Jack are aliases that suit boxers and wrestlers more than men in suits.
Today, however, you will not find such images in the corporate world. The key words are "empathy" and "inclusion," and appropriate nicknames would be something like Listening Tim or Sympathetic Satya.
But the fact that CEOs look a little more normal doesn't necessarily mean they really are. The demands on the people occupying this position are getting higher and weirder, writes The Economist.
On the one hand, the path to the top of the corporate pyramid has not changed much. It requires people to compete with each other for a long time. They must prove their financial and managerial success. And to be a successful manager, you have to be ready for a lot of work, ambitious and confident extrovert.
People who prefer to stay at home and watch reality shows, instead of going out and communicating with their clients, in most cases are not suitable for this job.
A research study conducted by Steve Kaplan of the University of Chicago and Morten Sorensen of Tuck Business University compared the profiles of 2,600 different CEO candidates collected by consulting firm ghSMART.
It turns out that most of them share similar characteristics in their professional biographies. In general, they perform much better than other professionals in what academics call "general abilities."
They also differ from other managers in the corporate world. CFOs, for example, are in most cases more analytical and focus on details. CEOs, in turn, rely on charisma or long-term strategic planning.
In addition, examining the career development of the candidates, the experts came to the conclusion that these characteristics are "self-fulfilling". This means that if a person has the qualities of a CEO, he is more likely to find himself in such a position in the future.
Today, however, companies are looking for more qualities in their future managers, rather than just a certain type of attitude or character. Those who have good "soft skills" and the ability to communicate interpersonally are more likely to be hired.
The announcements for executive directors contain requirements for cognitive skills, operational abilities and financial knowledge. But in recent years, what is increasingly common in the conditions for candidates for these positions is social skills - the ability of managers to coordinate and communicate with a large number of people.
Why is this important?
The answer, according to Stephen Hansen of Imperial College London, is related to the growing share of so-called "knowledge workers". Companies need more and more programmers, scientists working with large databases and managers who work independently of each other.
It is not the job of a CEO to tell each of them what to do, it is to ensure that each employee is aware of the company's long-term goals and how to achieve them.
In technology companies, the requirements for high communication skills are even higher. They are the most valuable tool for a director to persuade, not just command.
The broad environment in which CEOs operate also requires good "soft skills". A study by public relations firm Edelman shows that most customers and employees choose what to buy and where to work, mostly based on their beliefs and personal beliefs.
CEOs are tasked with reassuring politicians, responding to activists and mitigating attacks on corporations on social media. In this environment, social and communicative personalities would be more successful than impulsive and hot-tempered characters.
But, according to academics, it is too early to say that narcissism has disappeared from directors' offices. A study by Stanford University researchers among 182 members of corporate boards shows that 18% of them consider the CEOs of their companies to be narcissists.
By comparison, this share of the entire population of the United States is about three times lower, according to most psychologists.
Researchers have also concluded that corporations led by narcissistic leaders do better in their environmental, social and governance policies. There is hardly a better way for an egocentric to present himself as empathetic than to build an image of a savior on the planet, writes The Economist.
The requirements for CEOs are becoming more and more strange, especially in combination with each other. They should be more talented than other employees of the company, but without telling them what to do; to crush competition but at the same time rely on empathy; to listen carefully to their subordinates, but to be aggressive when necessary.
CEOs have always been a bit abnormal, to some extent. But today the important thing is not to show it.
15.11.2021
ENTREPRENEURSHIP: HOW DID A BATCH OF BIG EGGS TURN INTO AN EMPIRE OF GROCERY STORES?
Sixty years ago, Joe Colom was a young entrepreneur who ran a chain of stores called Pronto Markets, which was not doing very well.
Today he is known as Trader Joe - the founder of an empire of grocery stores in the United States.
The chain has more than 530 stores in the United States with 10,000 employees and revenue of $ 16.5 billion by 2020, according to Supermarket News and IGD.
According to Colom's memoirs published earlier in the year, this would never have happened without a small number of large eggs.
Colom, who died in February 2020 at the age of 89, tells his story in his book, which was published posthumously in June this year. It all started in 1962, when Pronto Markets was a small chain of about 10 stores in California and was experiencing difficulties in the face of competition from larger companies such as 7-Eleven, writes CNBC.
One day a farmer comes to Colom with an offer. "A man selling eggs came into my small office. He had a problem. He had too many large AA eggs."
The desperate farmer offered to sell the eggs to Colom for the same price as the regular ones, even though they were 12% bigger. The farmer had a limited quantity, which was not enough for the big supermarkets, but he would still report a significant loss if he did not sell them.
Colom willingly agreed to the deal and immediately placed ads for the discounted eggs, which he sold at the same price as regular eggs. The business has started, but more importantly, this scenario has led Colom to consider other ways in which he can exploit loopholes and market failures in terms of pricing.
"The ads we started running revolutionized Pronto Markets," Colom wrote. "They helped us generate the profits I needed, first to keep from sinking, and then to build Trader Joe's."
One such loophole, for example, was the import of wine. In 1970 - three years after opening the first store under the name Trader Joe's in Pasadena, California, Colom found a friendly importer who could import wines from the famous French region of Bordeaux at a lower price than most wholesalers who stocked other retail stores.
The petitioner allowed Colom to determine the prices at which to sell the wine to his customers. This meant that Trader Joe’s could undercut the prices of other retailers, which were set by wholesalers under the California Fair Trade Act.
"We had found a loophole in the law and passed it by truck," Colom wrote.
As Trader Joe's grew over the years, the egg experiment became "one of the cornerstones of Trader Joe's marketing," he wrote, helping him create four tests to determine which products to sell.
The items were supposed to have "high value per cubic inch, high levels of consumption, easy to handle, and something we could stand out in terms of price or range."
At some point, Colom and his team realized that US regulators had imposed severe restrictions on imports of most cheeses in order to keep local producers competitive, but there were no such restrictions on Brie cheese.
Trader Joe’s quickly became Brie’s largest importer in the U.S. and at one point even sold it at a lower price than Velveeta cheese. At a later stage, the company used the same principles with products such as coffee beans and maple syrup, buying the syrup in cans of 50 gallons (190 liters) from a cooperative in Quebec.
In his memoir, Colom describes the large eggs he sells at Pronto Market as "our first breakthrough in product knowledge."
It definitely turns out that he was not the last.
15.11.2021
INFLATION REACHED 6% IN OCTOBER
6% annual inflation was registered in October. This is the highest value of the indicator since the beginning of 2009. In just one month, compared to September, the increase is 1.8 percent, according to data from the National Statistical Institute.
On a monthly basis there is an increase in food, beverages, medicines, clothing, fuels, incl. coal and firewood. In clothing and footwear, the price increase exceeds 8 percent. For individual types of gasoline the increase is about 4%.
The price of the central gas supply is 26.5% higher. In different food groups, the increase in the price of dairy products, as well as some types of meat and vegetables, is impressive. Coffee and tea are also more expensive than in September. On an annual basis, inflation reaches 6%. From the beginning of the year until now - 5.4 percent.
According to the updated autumn forecast of the Ministry of Finance, by the end of the year the total price increase will be 4.5%.
Meanwhile, the finance ministry has offered to sell half a billion levs of government securities.
If the issue is approved in the proposed volume this time as well, the total debt from the beginning of the year will be BGN 3.3 billion with an annual limit of BGN four and a half billion.
